Cumulus Oncology raises funds and hires chairman
Cumulus Oncology, the biotech creation company, has secured a £4.1 million investment led by St Andrews-based Eos Advisory.
Scottish Enterprise has invested alongside Eos as Cumulus plans to further scale its operations. An additional £1.5m will follow in the coming months.
CEO and co-founder Clare Wareing said: “With the support of our cornerstone investors, we will accelerate our business model to identify and develop new oncology treatments that target the unmet medical needs of specific cancer patient populations.”
Andrew McNeill, managing partner, Eos Advisory, said: “Clare and her team have made tremendous progress over the last few years, are at the forefront of their field in the European context, and we are pleased to continue our support of the business as Cumulus enters its next phase of growth.”
Cumulus is also announcing that Dr Russell Greig will be joining the board as chairman. Mr Greig, a GlobalScot, spent much of his career working on both the drug development and investment sides of the business at GlaxoSmithKline, where he held a number of positions including president, International Pharmaceuticals, and senior vice president, Worldwide Business Development.
More recently, he has held board roles for a series of biotechs and has advised life science VCs and biotechnology companies in the US, Europe, and Asia via his Philadelphia-based Greig Biotechnology Global Consulting business.
Dr Greig said: “Cumulus has established a unique position in Europe, and is set to make an impact further afield in other regions including North America. I look forward to helping to guide Clare and her expert team around strategic focus over the months and years ahead.”